000			01476nab a22002057a 4500
008			160615b2014 xxu||||| |||| 00| 0 eng d
100			_aLi, Yong
245			_aNational distances, international experience, and venture ca investment performance _cLi, Yong.
260			_c2014
300			_a471-489
520			_aThis study examines how the performance of cross-border venture capital investments is affected by national institutional and cultural distances between the environments of venture capitalists (VCs) and investee ventures. We propose that institutional and cultural distances will decrease VCs' effectiveness in conducting venture capital activities and negatively affect investment performance in terms of exit success, and obtain supportive evidence while controlling for geographic distance. We further analyze how VCs can use their international experience to mitigate the negative consequences of national distances. We find that while broad international experience in diverse countries attenuates the deleterious effects of institutional distance in a significant way, it does not have a similar impact in attenuating the negative effects of cultural distance.
650			_aExit
650			_aInternational Experience
650			_aCultural Distance
650			_aInstitutional Distance
650			_aCapital Investment Performance
650			_aCapital Investement
650			_aVenture Capital
773			_aJournal of Business Venturing _dJuly
999			_c41524 _d41524